MUMBAI: Ratings agency S&P has downgraded Anil Agarwalin Vedanta Resources to 'CC', citing the company's decision to extend the maturity of its international bonds as a 'distressed exchange'. UK-incorporated Vedanta Resources, parent company of India-listed Vedanta Limited, has been placed under credit watch, with negative implications.
The rating agency had earlier downgraded the company to 'CCC' in September 2023 due to the likelihood of Vedanta Resources extending the maturity of its bonds. S&P said that if Vedanta Resources does not proceed with the maturity extension transaction, there will be increased risks of payment default. TNN



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